San Diego CA—CBRE announced that Southern California-based industrial real estate firm, Rexford Industrial Realty, purchased an industrial building in Miramar, San Diego for $8.2 million.
CBRE’s Bill Dolan represented the seller, Valley Investment Services, in the transaction.
The 27,267 square-foot industrial property is located 5725 Eastgate Drive in the Central San Diego submarket. The building features excess land, a fenced secure yard, 22’ clear-height and eight grade-level loading doors. The property was vacant at the time of closing, but Rexford was able to secure a new, long-term tenant prior to closing.
The site is located one mile from Miramar Road, one of the primary east-west thoroughfares in Central San Diego. The building is one-half mile from the I-805, a major San Diego freeway that connects the Miramar area to the rest of San Diego County. Westfield UTC, one of San Diego’s most prominent dining and retail destinations, sits one mile west of the property.
“This is very functional industrial property given the excess land and its location in a highly desirable submarket,” said Dolan. “Rexford has a large portfolio of existing industrial buildings in the Miramar submarket and was very pleased to acquire another quality asset in the area.”
In Q2 2019, nine industrial properties across four development projects were delivered, totaling 584,366 square-feet, according to a recent CBRE research report. More than 1.2 million square feet of leasing of warehouses generated a positive net absorption of 293,238 square feet during the quarter. Continued demand and new deliveries kept both low-finish and high-finish asking rates to all-time highs.